Posted on 03/23/2008 6:11:04 PM PDT by Flavius
ARROGANT oil companies realised they'd "gone too far" and allowed petrol prices to fall over the Easter long weekend, says a leading motoring group. The NRMA claims petrol prices rose between 15 and 20 cents a litre on the Thursday before the Easter long weekend, reaching an average of about $1.50 per litre.
Oil to stay below $110 a barrel: OPEC Oil to stay below $110 a barrel: OPEC Competition Policy and Consumer Affairs Minister Chris Bowen dismissed allegations that drivers were being ripped off, saying the price hikes were part of the weekly price cycle.
But motoring group NRMA disagrees, arguing that the cost at the bowser soared above the average weekly price cycle.
"We used to see the normal price cycle as being four to seven cents over the week, lately it's gone up to 10 cents but we've certainly never seen 15 to 20 cents as we saw on Thursday,'' NRMA president Alan Evans told ABC radio.
Mr Evans said the powerful oil companies reacted to the pressure they received over the rising costs and have now brought the prices down.
"I think the oil companies felt the shame and the pressure that they've got from the media for the behaviour on Thursday,'' he said.
"I think they outraged the public by the amount they increased their petrol on Thursday - you know, 15 to 20 cents right in front of people's eyes was just too much to bear.
(Excerpt) Read more at news.com.au ...
I am no fan of government getting involved in pricing but it seems like the petroleum industry could stand to see some regulation. Let’s face it, they have us over a barrel (pun intended)
What total BS!
What? Feeling shame about greed? Are you sure this is a business group talking? Greed is supposed to be one of the four food groups.
Crude oil is sold on the world market. Exactly how can the US government regulate prices?
We only import a fraction of the oil consumed in this country.
What total BS!
YUP!
By decree.
That’s sarcasm, BTW.
The only thing more government regulation will get you is reduced supply and higher prices. This site is largely comprised of free marketeers - you may want to consider that as you log some time here.
“We only import a fraction of the oil consumed in this country”
And what percentage would that be?
I really am not interested in Brit news....the British have made innumerable mistakes in every aspect of their doings...........no role mo9dels there.
If everyone would quit buying gas from ExxonMobile stations we could see how low we could drive the prices. If all of the Mobile stations quit pumping gas for a couple days they would be forced to drive their prices lower to “entice” people to come back to their stations.
BS!
All can see that they are shameless!
No, because the extra business the other stations received would cause them to raise their prices.
Obama is running ads in PA telling how windfall profits on oil companies will lower the price of oil and make us not need to rely on foreign oil. Sounds like the author of this piece has the same flaw in his logic.
9/10 is also a fraction.
“Oil companies feel shame over prices”
But not shame enough to lower the f*king prices!
What a load of Sh#t!
You need a course in economics. The only way to lower the price is to increase the supply which is very easy. Just drill in the USA and refine in the USA.
Why should they lower prices? What sense would that make. They would be nuts. Their stock price would crater. The oil services industry would tank. The only short term solution is more drilling and more refining. No other option. Well one...a full on recession.
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